Hi there, I have applied for voluntary d...

Asked by Cobus on 27-01-2021 20:05:35
Question posted in the National Credit Act Law category relating to Gauteng

Hi there, I have applied for voluntary debt review in 2018 to get lower interest rates as the instalments were killing me. Successfully have done so, everything went good. We got to a place where we have reduced debt, sold the house at a break-even point due to market changes, and still everything went great....until COVID came. I work at a pvt company in the field of public sector, effectively meaning that our company is dependent on tenders awarded. With COVID and the standstill in April etc, we were informed that management decided to cut the salaries with 25% until the worst is over and business resumes again. This being said, although we have downgraded (downscaled) our house, groceries, cancelled a policy for retirement we were not able to pay the instalment of the voluntary debt review court order. The company gave me a letter, I have notified the debt review agency, and got relief for 2 months. The problem is that we are still on reduced salaries, and hopefully will be able to get full salary from 1 March. But now the motor finance company is taking legal action to reposess the vehicle, despite all my efforts to ask for relief. How can I pay if I literally wont be able to aford the necessary groceries? All luxuries have been cut. THey refuse to accept the motivation, and also are appearing to be ignorant to all facts. How can I get out of this situation alive and still mobile? The reason that was supplied to me by the debt review agency was that all business at banks and financial institutions have resumed to normal, so I must now pay. The situation at our work is improving slightly and through business conversations with the directors we heard that we may be financially restored through salary. The other issue is that my husbands work (classes to children) cant continue due to the covid-regulations and parents are more uncertain that ever about the impact the COVID has on their children. So that R 7000 income is also gone. Please assist with how I can argue with Wesbank Finance?

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